Commercial Registrations fetch BD22b in 2016

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MANAMA: With total number of commercial registrations (CRs) surged 197 per cent to 26, 836 CRs in 2016 from 9,038 a year ago, the increased activity has fetched total revenues of BD21.958 billion, up 1.13% from 2015.

The Ministry of Industry, Commerce and Tourism’s austerity drive has reduced the rental costs from BD919,000 annually to BD669,000 in 2016, a decrease of 27%. The austerity drive also reduced the operating costs to BD241,000 annually from BD544,000 or 55% decrease compared with the 2015.

The Minister of Industry, Commerce and Tourism, Zayed Rashid Al Zayani who briefed the media in a presentation highlighted the salient features of the initiatives aims at streamlining the operations of directorates in addition to enhancing the efficiency cost effectiveness of the Ministry in 2016 and beyond.

The Ministry’s new premises at the Bahrain Financial Harbour has brought together all directorates under one roof from seven buildings earlier occupied by the Ministry with total area from 8701 square meters to 9123 square meters and 150 free parking for visitors.

Talking about the CRs new procedures, the Minister highlighted the launch Sijilat system by His Royal Highness Prince Salman bin Hamad bin Isa Al Khalifa, the Crown Prince and the 1st Deputy Prime Minister in addition to application of new laws and procedures in the commercial registration.
“The reclassification business activities and the adoption of ISIC4 and re-engineering process of business CRs and separate CR from activity. The other major steps include freeing up business activities and allowing foreign ownership. Develop Silent Companies and virtual CRs (Sijili) and the Ministry received audited 9,441 financial reports for the year 2016 compared 4,776 in 2015.

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